Home prices increased 2.7% in April compared to the same month a year ago, down from a 3.4% rise the previous month, according to the S&P CoreLogic Case-Shiller Index. The 10-city composite rose 4.1% year over year compared to a 4.8% increase the previous month. The 20-city composite increased 3.4% year over year, down from a 4.1% increase the previous month. New York City reported the highest year-over-year gain among the 20 cities with a 7.9% increase in March, followed by Chicago and Detroit, with increases of 6% and 5.5%, respectively.
Meanwhile, the Federal Housing Finance Agency’s House Price Index showed that home prices were down 0.4% in April compared to the previous month. Prices rose 3% from a year ago. The FHFA index is calculated using the prices of houses bought with mortgages backed by Fannie Mae and Freddie Mac.
